How significantly did oil prices surge in early 1974?

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Oil Prices Surged Fourfold in Early 1974

In early 1974, oil prices experienced a dramatic surge, increasing fourfold in less than three months. This escalation saw the price per barrel jump from US$2.90 before the embargo to US$11.65 by January 1974.
Pre-Embargo Oil Price

Prior to the 1973 oil embargo, the price of a barrel of oil was set at US$2.90. This relatively stable price point served as a baseline before the geopolitical events triggered a significant market shift.
Post-Embargo Price Escalation

Following the decision by United States to support Israel in the 1973 Arab-Israeli War, Arab OPEC nations imposed an oil embargo. This action, coupled with production cuts, led to a rapid increase in oil prices. By January 1974, the cost of a barrel of oil had reached US$11.65, representing a substantial fourfold increase from its pre-embargo level.
Enduring High Prices After Embargo Lift

Although the oil embargo was officially lifted in March 1974, the elevated price of oil persisted. This sustained high cost had far-reaching economic consequences for industrialised nations throughout the 1970s, contributing to periods of high inflation, unemployment, and slowed economic growth.

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How significantly did oil prices surge in early 1974?

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